The 38 closures represent 0.04 per cent of all Queensland contractors.

Companies with an allowable annual turnover of more than $30 million were the first required to comply with the Queensland Government's new minimum financial requirement laws, QBCC Commissioner Brett Bassett said.

Licensees are required to lodge more regular financial reports with the QBCC and notify the commission of any significant decrease in asset values, under the changes.

"There is no law that can provide an iron-clad guarantee against business failure or financial mismanagement, but people who invest in Queensland and workers who establish their career in Queensland need to be given the highest possible security that Queensland has a strong, stable building industry, and this current data is encouraging," Mr Bassett said.